Rugby announces the acquisition of F.W. Honerkamp Co., Inc
Rugby Architectural Building Products, along with its financial sponsor Leading Ridge Capital Partners, announce the acquisition of F. W. Honerkamp Co. Inc., a New York City-based distributor of architectural building products founded in 1871.
F.W. Honerkamp Co. distributes a full line of architectural wood products, decorative surfacing and cabinet hardware. “The Honerkamp family has stood for quality and service for over 140 years, anchored by our strong relationships with our customer and vendor partners. The combination with Rugby positions us ideally for growth into the future,” commented Phil Honerkamp, Honerkamp CEO.
With the addition of Honerkamp’s Bronx, NY distribution center, Rugby will service the greater New York City metropolitan region from three locations situated in Northern New Jersey, Long Island and New York City. “New York City is the largest metropolitan area in the United States with a population base of 20 million,” says Drew Dickinson, Rugby COO. Dickinson continued, “Metro New York has a particularly high density of companies in the woodworking industry, and having such strong distribution in this market will allow us to provide the highest levels of service to our customers.”
This expansion marks Rugby’s tenth acquisition since 2010, through which the company has doubled its revenue and customer base and grown to 21 distribution centers across the country. “F. W. Honerkamp is an iconic franchise in one of the largest US markets for our products,” commented David Hughes, Rugby President and CEO. Hughes concluded, “We are extremely excited to have the outstanding Honerkamp team become part of the Rugby organization”.
About F. W. Honerkamp
In May 1854, Friedrich W. Honerkamp immigrated to America, with his wife, Mary from Melle, Germany to make a new life. They settled in the New York City area and, in 1856, gave birth to Frank W. Honerkamp, the second of four children. Frank W. Honerkamp grew to work with his father in the family business. The company exported cattle to South America and imported lumber and veneer to the United States. With the rapid growth of furniture and woodworking trades in lower Manhattan and Brooklyn, the company shifted its full attention to lumber and veneer.
F.W. Honerkamp Co. Inc. was officially incorporated in New York City in 1871. In the late 1930’s, the third generation joined the company with the increased demand for new plywood panel products and the rapid development of lower Manhattan, F.W. Honerkamp Co. moved to the Bronx and participated in the commercial construction boom of the 1960’s and 1970’s. It was at this time the fourth generation began with the company. Honerkamp moved to the present location in the Bronx in 1981, and remains there to the present day. In the new millennium, the fifth generation has joined the team. In 2001, F. W. Honerkamp Co. made a significant addition when it acquired Central Islip, Long Island laminate distributor, Edgar Sabbeth Plywood – a high pressure laminate distributor with over 31 years experience. In 2011, given the industry downturn, the decision was made to consolidate all operations into the Bronx, but now with the combination with Rugby, operations will resume on the Island in Deer Park, NY.
About Leading Ridge Capital Partners
Leading Ridge Capital Partners, LLC (www.leadingridge.com) is a private equity firm, with offices in Maryland and New York, specializing in acquisitions, recapitalizations, and investments in value-added distribution, logistics, and light manufacturing companies in the lower-middle market. Leading Ridge is comprised of a successful team of operators with a broad array of business experience within the distribution and manufacturing sectors. The team possesses significant operational resources and the leadership experience needed to support rapid yet controlled growth of its portfolio companies.
Headquartered in Concord, NH, Rugby Architectural Building Products serves over 9,000 customers in many of the largest metro centers in the US with a geographic footprint covering 25 states from 13 distribution facilities operating in Metro Boston, Metro NYC, Atlanta, GA, Tampa, FL, Indianapolis, IN, Dallas, TX, Houston, TX, San Antonio, TX, Phoenix, AZ, Las Vegas, NV, Reno, NV, and Los Angeles, CA.